bunq’s second application to become a regulated US bank has been denied by the Office of the Comptroller of the Currency (OCC), but it is adamant it will continue to pursue the licence
Europe’s second-largest neobank, bunq, has had its US banking licence rejected by the Office of the Comptroller of the Currency (OCC).
The Netherlands-based neobank’s national trust charter licence application was rejected by the OCC due to “significant supervisory and compliance concerns”.
The US financial regulator informed bunq in a letter dated from 4 August of its decision to deny the banking licence, which also cited concerns regarding bunq’s plans for the US market if it were to be a regulatory approved entity.
According to the OCC letter cited by Reuters, it expressed doubt regarding the operational direction of bunq in the US. This highlighted the source of the additional capital to support the venture which would have come from bunq Founder and CEO Ali Niknam’s personal funds.
The regulator also questioned Niknam’s activity inside the US as it was viewed he would have spent large amounts of time outside of the country.
The OCC also believed bunq’s marketing plan for its US expansion would have been “unrealistic”, primarily due to future capital projections that were based from its European operations, as well as the competition that exists in the US.
“The OCC shared its decision not to approve bunq’s US banking license this time around. Of course, we would have loved a yes,” bunq said in a statement provided to Payment Expert.
“The OCC wants to see a plan more specifically built for the US market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure. So we’ll do what we always do: listen, adapt, and keep moving forwards. Our path might change, but the destination does not.
“We thank the OCC for their feedback. Without re-direction, we wouldn’t have built the bank millions of people now use every day, and we would not have become the first new bank in 35 years to earn a greenfield European banking license.”
bunq’s up-and-down US relationship
bunq’s most recent attempt to become a regulated US bank started in January 2026 when it filed its application.
In its filing, bunq identified a market opportunity to support digital nomads working in the US with limited access to digital banking services, providing services such as secure digital payments, strong authentication, and AI fraud detection.
This was ultimately rejected by the OCC and becomes the second time the Dutch neobank has failed to receive a regulatory licence.
In April 2023, bunq applied for a licence with the OCC and Federal Deposit Insurance Corporation (FDIC). However, due to a “difference of views” between US and Dutch regulators, bunq subsequently pulled the application in February 2024.
While not being able to secure a banking licence, bunq was able to be approved to become a digital broker dealer in the US.
Announced in October 2025, the neobank’s broker-dealer licence filed to the US Financial Industry Regulatory Authority (FINRA) was approved. The licence will now enable bunq to offer US customers stocks offerings, self-directed investing, mutual funds and ETFs, among other products.
OCC’s banking licence approval rate
Under his second term as US President, Donald Trump has de-regulated several financial regulatory agencies in a bid to promote competition and growth among its financial sectors. One of those regulators has been the OCC.
Barriers for US entry for non-US based firms have been relaxed. Compliance measures such as financial reporting, data collection and those previously imposed for decentralised finance institutions have been scaled down in order to make the licence process more seamless for non-US entities.
This has seen the likes of Nubank, Circle and Ripple acquire national charter bank licences from the OCC, while other firms such as Coinbase and Revolut have also filed applications.
However, including bunq’s most recent failed attempt, the OCC has not been as free-willing to hand out licences due to its scaled down regulations.
Wise was recently denied its licence from the OCC after the regulator cited previous compliance failures in the US.
The global money movement company revealed it will pursue a different licence that complies with the US GENIUS Act, a regulatory framework which focuses on rules and guidelines around stablecoin issuance and payments.
bunq CEO Niknam also revealed the company will continue to pursue a regulatory licence in the US in a LinkedIn post.
